Which of the following is an indirect tax in India? MCQ with Answer and Explanation

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Which of the following is an indirect tax in India?

A. Income tax

B. Wealth tax

C. Corporation tax

D. GST

Answer: Option D

Solution (By JKSSB Mock Tests)

GST is an indirect tax on supply of goods and services.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1

When a fixed asset is sold, any profit on sale is credited to:

A. Capital Account

B. Balance Sheet

C. Trading Account

D. Profit & Loss Account

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Correct Answer: Option D

Explanation:
Profit on sale of fixed asset is a revenue gain, shown in Profit & Loss Account.

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Question #2

Which of the following is NOT one of the 5 heads of income under the Income Tax Act?

A. Income from Exports

B. Income from Salaries

C. Income from Capital Gains

D. Income from Other Sources

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Correct Answer: Option A

Explanation:
The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.

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Question #3

Under the General Financial Rules (GFR) 2017, every government servant is expected to maintain absolute integrity and:

A. Absolute political neutrality

B. Absolute devotion to duty

C. Absolute honesty

D. Both absolute honesty and absolute devotion to duty

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Correct Answer: Option D

Explanation:
Rule 3 of GFR 2017 states that every government servant is expected to maintain absolute integrity, absolute honesty, and absolute devotion to duty in the performance of their official duties.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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